Financial accounting is a multi-step process for companies following double-entry methods. The first and most important step begins with a journal entry: the recording of financial information related ...

Journal entries are necessary for adjusting the balances of ledger accounts for a variety of reasons, including recognizing accruals, liabilities and other expenses. If an entry posts incorrectly, it ...

If your small business used a mortgage for a home purchase, a journal entry affects the property, mortgage payable and cash accounts. If you paid all cash for a home, a journal entry affects the ...

The accounting cycle tracks a transaction until it’s added to your company’s financial statement. Follow this eight-step ...

Financial accounting is a specific type of accounting that uses standardized processes and guidelines for businesses to record their financial transactions and prepare financial statements for ...

Discover how accruals affect company finances, with insights into the accrual accounting method, its applications, and examples illustrating its principles.

TOPEKA, Kan. (WIBW) - A professor at the Univesity of Kansas has been appointed as an editor at a top accounting journal. The University of Kansas says professor Chan Li has been appointed as an ...